Time as currency: between watches and climate commitments at COP28 | Article

Ross Barrantes*

In the near future, every person’s life may be marked on their wrist with a clock showing the time remaining in their existence. This time difference creates a divided society in which less privileged people only have a few days to replenish them in the form of credits. Meanwhile, the richest and most decision-makers enjoy decades to spend on luxury goods or exclusive access to privileged green and blue zones. Time literally becomes life, taking this popular expression to the extreme.

In real context 28th Conference of the Parties (COP28) concluded in Dubai on December 12, 2023, marking a significant milestone. During this meeting, the first Global Review was conducted to assess collective progress towards achieving the goals of the Paris Agreement. The results were aimed at strengthening efforts to phase out fossil fuels gradually and equitably, respect human rights, adopt cross-sectoral approaches to national contributions, and ensure public participation in climate policy.

In terms of a just transition, a post-COP27 agenda has been created that recognizes the opportunities and challenges for achieving social, environmental and climate justice. COP28 has identified key elements of this process, including the restructuring of production and consumption systems to ensure the right to energy.

Ecosystem adaptation and the global goal of adaptation were highlighted at COP28, highlighting the need to simultaneously address the climate crisis and biodiversity loss. Every presentation I make always emphasizes that biodiversity is linked to the fight against climate change.

COP28 has opened the door to new global initiatives, including supporting indigenous and local communities in actions to restore and manage ecosystems. A UN program to strengthen these efforts, supported by a loss and damage fund, was announced.

Mexico, by joining the G77 + China, expressed its commitment to South-South cooperation in addressing climate change and economic asymmetries. In addition, Mexico is negotiating within the framework of the Environmental Integrity Coalition (EIG), which also includes countries such as Monaco and Switzerland. However, the lack of a clear position and compliance by Mexico with Nationally Determined Contributions (NDCs) was noted.

In his speech, the representative of Mexico acknowledged the need to rebuild the affected population and noted the consolidation of the Loss and Damage Fund. He emphasized the importance of multilateralism to build a resilient and sustainable planet. For Latin American countries, COP28 represents an opportunity to improve climate policy, recognizing that the global balance results of the Paris Agreement will serve as a framework. Those with more time on the clock are responsible for making decisions that will or will not impact those at risk of having their time depleted by the climate crisis.
Action is urgent and must be taken immediately.

*Environmental Lawyer